According to cbc.ca, the average student debt after graduation from a post-secondary school in Canada is roughly $25,000! This could include a whole range of expenses from tuition to a night out of drinking. With such a high figure, it is no surprise why most graduates are stuck making payment after payment for the next several years. However, if you are a current or future student, wouldn’t it be great if you could avoid this large sum of debt by almost 25%? Look no further, below are 3 simple tips that any post-secondary student could take to save over $6,000.
*The figures used below are calculated over a 4 year, 8 month school period
1. Used Textbooks Have More Value!
It’s nice to buy new things, but when it comes to textbooks, used textbooks at a reduced price presents more value and can save you tons of money! Additionally, if you can resell your used textbooks once you are finished with them, you can save even more money!
Cost of new text books: $4,800
Cost of used textbooks: $2,000
Further savings: $500 (based on a 25% resell price)
Savings: $4,800-$2,000+$500= $3,300
2. Avoid Eating Out, Buy Groceries
If you’re a college student living away from home, eating out is inevitable. On average most students eat out 10 times a week. However, if you can cut this number in half and instead buy a few groceries, this can go a long way to saving money!
Cost of eating out: $12,800 (figure based on eating out 10 times a week, over a 4-year school period)
Reduce eating out from 10 to 5 times a week: $6,400
Buying Groceries: $5,120 (figured based on $40 of groceries per week, over a 4-year school period)
Savings: $12,800- $6,400 – $5,120 = $1,280
3. Drink Smarter
Buying drinks at a bar can be expensive. On average, bar prices are nearly 30% more expensive compared to buying drinks at a beer or liquor store. Therefore, college students can save a lot of money by planning ahead before they go out.
*The figures below are based on going out 3 times a week at $25 each time
Cost of buying at a beer/liquor store: $9,600
Cost of buying at a bar: $12,480 (calculated at a 30% higher rate)
Savings: $12,480- $9,600 = $2,880 (Realistically, it is hard not to buy drinks when you’re out. However, even if you were able to spend 60% of this amount at a bar or liquor store, you could still save $2,880 x 60% = $1,728
Following all three tips provided, a student can potentially save up to $6,308 over a 4 year school period. If you have any other tips on how to save, please comment below!